https://twitter.com/NUMISMATICS9/status/1234302129931554816
Effective interest rate on $15.841 trillion worth of mortgage debt is 3.87%, coming refi wave akin to a $50+ billion monthly helicopter drop, financial conditions about as loose as they get. But yeah, Fed, follow the market's advice and cut the funds rate 100 bps by June. pic.twitter.com/9Q7qzvWo4g
— Jack Rodeghier (@glarustrading) March 2, 2020
Shadow banks such as Quicken Loans (offering Rocket mortgages) now originate 60% of US mortgage lending. https://t.co/1KcK3nJGzu pic.twitter.com/SeFkowMrk6
— Adam Tooze (@adam_tooze) March 2, 2020